Fees. You agree to pay PistolPay a fee for providing the financial intermediary services set forth in this Agreement. Upon completion of the sale transaction as set forth above, you willingly and irrevocably agree to payment of the fees set forth in this paragraph. The fees charged by PistolPay will be split equally between the buyer and seller in a any transaction. As such, a buyer will have their credit card or bank account charged with the Payment Principal Amount, plus the buyer’s share of our fee. Likewise, the seller in any transaction will receive the Payment Principal Amount, less the seller’s share of our fees. All fees are non-refundable and will be considered earned by PistolPay in all respects, and all contingencies will be treated as having been satisfied, upon Completion of the Sale Transaction as defined above. Any requirement, by a buyer or seller, that the other party be responsible for a specific portion or all of our fees shall not be binding on us. Such must be agreed upon and incorporated into the buyer and seller’s terms of the sale of the item, and the Payment Principal Amount should be adjusted to reflect such agreement of the parties. Pistol pay will charge each party to a transaction, namely the buyer and seller, a percentage of the Payment Principal Amount in accordance with the fee schedule in effect at the time of the transaction.
Since PistolPay’s transaction costs vary depending on the type of payment made by the buyer in a transaction, and because Pistolpay is committed to provide its users with the best lowest transaction costs possible, the fees charged to the buyer and seller by PistolPay in a specific transaction will fall into one of the following two categories:
Credit and Debit Card Transactions:
For transactions involving payments made using s buyer’s Credit Card or Debit Card (Mastercard, Visa, Discover and American Express based payments), Pistol Pay will charge the buyer 2.7% of the transaction value, and will charge the seller 2.7% of the transaction value, for a total transaction fee of 5.4%.
ACH Transactions:
For transactions involving payments made using an Automated Clearing House (ACH) direct debit transfer from the buyer’s checking or savings accounts, PistolPay will charge the buyer 1.6% of the transaction value, and will charge the seller 1.6% of the transaction value, for a total transaction fee of 3.2%.